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11-28-11 Council Agenda & Packet
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11-28-11 Council Agenda & Packet
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City Council - City Clerk
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NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br /> SECTION 1. Project. The City shall proceed with the Project in accordance with the <br /> cost estimates, and the plans and specifications heretofore prepared and filed by the consulting <br /> engineers employed by the City, which cost estimates, plans and specifications are hereby <br /> approved and are hereby incorporated by reference as if set forth in full at this place, two copies <br /> of which are on file and available for public inspection in the office of the City Clerk pursuant to <br /> I.C. §36-1-5-4. The actions of the Board taken in connection with the Project are hereby <br /> approved, ratified, and confirmed. The Project shall be constructed and the bonds herein <br /> authorized shall be issued pursuant to and in accordance with the Act. The terms "works" and <br /> "utility" and other like terms where used in this Ordinance shall be construed to mean and <br /> include all structures and property of the City's waterworks utility. <br /> SECTION 2. Authorization of Obligations. <br /> (a) The City shall issue its "Waterworks Revenue Bonds of 2012" or such <br /> other designation as the Executive (as defined below) or the Fiscal Officer (as defined below) <br /> shall determine at the time of issuance of any series of bonds (the "2012 Bonds"), in one or more <br /> series (as designated by the City, a "Series"), in an original principal amount not to exceed Eight <br /> Million Three Hundred Thousand Dollars ($8,300,000) (the "Authorized Amount"), as <br /> negotiable, fully registered bonds, for the purpose of procuring funds to be applied to the costs of <br /> the Project, including without limitation reimbursement of preliminary expenses related thereto <br /> and all incidental expenses incurred in connection therewith(all of which are deemed to be a part <br /> of the Project), and the costs of selling and issuing the 2012 Bonds and funding a debt service <br /> reserve as described herein. The City reasonably expects to reimburse expenditures for the <br /> Project with the proceeds of the 2012 Bonds and this constitutes a declaration of official intent <br /> to reimburse expenditures under Treas. Reg. 1,150-2(e) and Indiana Code 5-1-14-6(c). The 2012 <br /> Bonds shall rank on parity for all purposes with the Prior Bonds. <br /> The 2012 Bonds shall be issued in denominations of Five Thousand Dollars <br /> ($5,000) or any integral multiple thereof, numbered consecutively from I upward, and dated the <br /> date of delivery. The 2012 Bonds shall bear interest at a rate or rates not exceeding eight percent <br /> (8%)per annum, and interest shall be payable semiannually on January 1 and July I in each year, <br /> with the beginning date of interest payments being finally determined by the Mayor as the <br /> executive of the City (the "Executive") and the Controller as the fiscal officer of the City, or any <br /> acting, assistant or deputy controller of the City (the "Fiscal Officer"), with the advice of the <br /> City's financial advisor, as evidenced by delivery of the executed initial issue of the 2012 Bonds <br /> to the Registrar for authentication. The 2012 Bonds shall be sold pursuant to I.C. 5-1-11, as <br /> amended. Interest on the BANS and the 2012 Bonds shall be calculated according to a 360-day <br /> calendar year containing twelve 30-day months. The 2012 Bonds shall mature on January 1 of <br /> each year beginning in the year and in such amounts as is deemed appropriate by the Executive <br /> and the Fiscal Officer, with the advice of the City's financial advisor, as evidenced by delivery of <br /> the executed initial issue of the 2012 Bonds to the Registrar for authentication, and over a period <br /> ending not later than 20 years after substantial completion of the Project. <br /> - 4 - <br />
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